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Back to Daily DR Market Summary

StreetAccount Summary - European Market Recap: FTSE 100 +0.16% to 7465.61, DAX +0.26% to 15854.54, CAC +0.47% to 7218.35

Jun 27 ,2023

  • Synopsis:

    • European equity markets closed narrowly mixed. Pan-European indices touched session highs shortly after, then pared gains (country benchmark indices turned mixed), flirting with negative territory on the day ahead of Wall Street's open. Shares recovered off lows in afternoon trade.

    • Spain +1.3% and Ireland +0.9% are the outliers on the upside, with Denmark (1.4%) and Norway (0.7%) leading underperformers.

    • In central banks, ECB's Lagarde said inflation in Eurozone too high and rates must sufficiently restrictive and stay there for as long as necessary. Panetta and Schnabel will also speak at panel events during session. Wunsch, Kazaks, Simkus all suggested higher-for-longer stance but pointed to division on extent of inflation risk and policy beyond July. Nothing new on BoE policy. However, UK Chancellor Hunt admitted there were flaws in the BoE economic forecasting but said he does not question resolve to hit inflation target. Warned banks about taking too long to pass on rate increases to savers.

    • In geopolitical news, fallout continues from Wagner boss Yevgeniy Prigozhin's aborted advance on Moscow. President Putin condemned leaders of group as traitors to Russia, hours after Prigozhin said he wasn't trying to oust Putin's government.

    • On a light macro-data calendar, Italy June business confidence missed expectations at 100.3 vs consensus 101.0 and prior revised 101.2 from 101.4 whilst consumer confidence beat at 108.6 vs consensus 105.5 and prior 105.1. Elsewhere, Sweden May Trade Balance (SEK0.30B) vs consensus (SEK1.2B) and prior revised to (SEK3.60B) from (SEK2.7B), and PPI (2.1%) y/y vs consensus (2.9%) and prior +1.3%.

    • In earnings news, Synlab (SYAB.GR) reaffirmed its FY23 revenue guidance following Sonic Healthcare's (SHL.AU) acquisition of SYNLAB Suisse for CHF150M in cash. In France, Trigano reported Q3 revenue, whilst Accor (AC.FP) presented its FY23 guidance and 2023-2027 ambitions during its CMD. Moreover, the company sold its stake in Risma and reaffirmed its development ambitions in Morocco. In Sweden, Dustin Group (DUST.SS) reported Q3 earnings and extended an existing SEK 5.4B credit facility until October 2025. In the Netherlands, Prosus (PRX.NA) reported FY earnings and, together with Naspers (NPN.SJ), announced a simplification of the ownership structure. In the UK, Aston Martin Lagonda (AML.LN) gave an update on mid-term targets progress at its CMD, Johnson Matthey (JMAT.LN) hosted a seminar on Catalyst Technologies for which sees mid-teens sales growth over the medium to long-term. Petrofac (PFC.LN), JD Sports Fashion (JD.LN), and Telecom plus (TEP.LN) are among other companies from the region to update investors with their latest numbers.

    • Looking ahead to tomorrow's calendar (see - Europe Week Ahead: Jun 26-30 attached), Haffner Energy (ALHAF.FP), Graines Voltz (GRVO.FP), Flugger Group (FLUG.B.DC), MAG Interactive (MAGI.SS), Bayer (BAYN.GR), and SSE (SSE.LN) will be among other names to update investors, whilst the macro-calendar releases will include, Germany Jul consumer climate - GfK, France Jun consumer confidence, Spain May retail sales, Italy Jun preliminary CPI, May PPI, Norway May retail sales, Switzerland Jun ZEW economic sentiment, Eurozone May M3 money supply, Ireland May retail sales, Denmark May retail sales.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Banks +0.99%, Insurance +0.81%, Travel & Leisure +0.81%, Utilities +0.80%, Media +0.79%, Retail +0.74%, Telecom +0.66%, Construct & Mtls +0.57%, Consumer Products and Services +0.51%, Real Estate +0.39%, Technology +0.33%, Personal Care Drug and Grocery Stores +0.25%,

      • Underperformers:

        • Health Care (1.15%), Energy(0.95%), Financial Svcs (0.46%), Food, Beverage and Tobacco (0.39%), Autos & Parts (0.22%), Chemicals (0.06%), Basic Resources +0.05%,

    • Macro/Peripheral markets:

      • Ukraine/Russia

        • Mercenary chief Prigozhin starts exile in Belarus, Putin praises Russian troops - Reuters

      • EU

        • ECB must persist with high rates to ward off wage-price spiral, says Christine Lagarde - FT, Bloomberg

        • EU Strikes Deal on Bank Capital Rules Years in the Making - Bloomberg

      • UK

        • Nursing union calls off strikes in England after failing to secure new mandate - FT

        • UK Chancellor to sign financial services agreement with EU - release

        • Recession Fears Are Hanging Over UK Stocks Again - Bloomberg

        • Tesco, Sainsbury's and rivals say they are not making too much money - BBC

      • Germany

        • Creeping flight of investment - Germany as a business location in danger - Handelsblatt

      • Greece:

        • New ministers sworn in including Kostis Hatzidakis as finance minister; first meeting of new cabinet is tomorrow - ekathimerini

        • Greek state budget shows primary surplus of €2.3 bln in Jan-May - ekathimerini

      • Ireland

        • Finance minister publishes the terms of reference for the National Payments Strategy - release

        • Northern Ireland's DUP head says could back new post-Brexit trade proposal - Reuters

      • Finland

        • Nordic countries and Canada are intensifying security and defence cooperation - Finland gov press release following Nordic-Canada Summit in Iceland

      • Norway

        • Grain yields expected to be lower than normal due to hot and dry weather this early summer - release

    • Company news:

      • Trading Higher:

        • +21.4% HKY.NO (Havila Kystruten NOK1.20, +0.22) -- receives a term sheet from an institutional investor for a private debt solution

        • +18.5% SESL.FP (SES-imagotag €89.00, +14.90) -- follow-through

        • +15.6% WISE.LN (Wise Plc £6.17, +0.82) -- trading update

        • +12.3% DUST.SS (Dustin Group SEK27.00, +3.28) -- earnings; credit facility extension

        • +8.8% NPN.SJ (Naspers ZAR3,271.47, +262.84) -- FY earnings; Naspers and Prosus announce simplification of ownership structure

        • +7.9% TEP.LN (Telecom plus £16.32, +1.20) -- FY earnings

        • +5.6% PRX.NA (Prosus €68.53, +3.55) -- FY earnings; Naspers and Prosus announce simplification of ownership structure

        • +5.6% AXS.LN (Accsys Technologies £0.77, +0.04) -- FY earnings

        • +4.0% ELCO.LN (Eleco £0.78, +0.03) -- acquisition

        • +3.9% TIBN.SW (Bergbahnen Engelberg-Trübsee-Titlis CHF44.60, +1.70) -- H1 earnings

        • +3.8% CML.LN (CML Microsystems £4.50, +0.17) -- FY earnings

        • +3.7% SAN.SM (Banco Santander €3.15, +0.11) -- reinstated buy at BofA

        • +3.6% EGL.PL (Mota-Engil SGPS €2.07, +0.08) -- contract

        • +3.4% LOOMIS.SS (Loomis SEK303.20, +10.00) -- ABG Sundal Collier upgrade

        • +2.6% 4C.SS (4C Group SEK32.50, +0.80) -- new framework agreement

        • +1.7% SYAB.GR (Synlab €8.96, +0.16) -- to acquire SYNLAB Suisse for CHF150M; reaffirms FY revenue guidance

      • Trading Lower:

        • -19.2% ROBIT.FH (Robit €1.50, -0.35) -- lowers 2023 guidance

        • -9.0% AML.LN (Aston Martin Lagonda Global Holdings £3.48, -0.33) -- CMD trading update

        • -6.3% PZC.LN (PZ Cussons £1.68, -0.11) -- trading statement

        • -5.5% FME.GR (Fresenius Medical Care €42.27, -2.43) -- CMS proposes payment changes for ESRD PPS for CY2024, to increase total payments +1.66% vs CY23

        • -5.3% HLUN.B.DC (H. Lundbeck DKK33.80, -1.82) -- study update

        • -5.0% HABA.GR (Hamborner REIT €6.51, -0.33) -- guidance adjustment

        • -4.9% AFX.GR (Carl Zeiss Meditec €100.80, -4.97) -- Metzler Capital Markets downgrade

        • -4.8% SRT3.GR (Sartorius €304.10, -14.80)

        • -4.5% BGO.LN (Bango £1.80, -0.09) -- loan agreement

        • -4.2% CREO.LN (Creo Medical Group £0.36, -0.02) -- AGM statement

        • -3.4% BT.A.LN (BT Group £1.23, -0.04) -- UBS downgrade

        • -3.3% FLS.DC (FLSmidth & Co. DKK329.80, -11.20) -- UBS downgrade; BofA upgrade

        • -3.0% IPN.FP (Ipsen €105.90, -3.20) -- FDA releases briefing materials ahead of Wednesday Adcom

        • -2.9% JD.LN (JD Sports Fashion £1.40, -0.04) -- trading update

        • -2.8% PFC.LN (Petrofac £0.70, -0.02) -- trading update

        • -2.5% CO.FP (Casino Guichard-Perrachon €7.22, -0.19) -- follow-through

        • -1.8% UCB.BB (UCB €79.10, -1.48) -- BLA for bimekizumab remains under review with the FDA; US FDA approves RYSTIGGO

  • EU companies reporting tomorrow:

    • Earnings:

      • France: Haffner Energy (ALHAF.FP), Graines Voltz (GRVO.FP)

      • Nordics: Flugger Group (FLUG.B.DC), MAG Interactive (MAGI.SS)

    • CMD/events: Bayer (BAYN.GR) pharma R&D day, SSE (SSE.LN)

Data:

  • Economics:

    • Sweden May

      • Trade Balance (SEK0.30B) vs consensus (SEK1.2B) and prior revised to (SEK3.60B) from (SEK2.7B)

        • PPI (2.1%) y/y vs consensus (2.9%) and prior +1.3%

    • Italy Jun

      • Business Confidence 100.3 vs consensus 101.0 and prior revised 101.2 from 101.4

      • Consumer Confidence 108.6 vs consensus 105.5 and prior 105.1

  • Markets:

    • WTI Crude (Aug 23): ($0.56) or (0.81%) to $68.81

    • €-$ +0.0050 or +0.46% to 1.0958

    • £-$ +0.0036 or +0.28% to 1.2747

    • €-£ +0.0015 to 0.8597

    • S&P 500 +0.60%

    • Performance year-to-date

      • FTSE 100: +0.19%

      • DAX: +13.87%

      • CAC: +11.50%

      • MIB: +15.58%

      • Stoxx 600: +6.63%

This information and data is provided for general informational purposes only. The Bank of New York Mellon and our information suppliers do not warrant or guarantee the accuracy, timeliness or completeness of this information or data. We provide no advice nor recommendation or endorsement with respect to any company or securities. We do not undertake any obligation to update or amend this information or data. Nothing herein shall be deemed to constitute an offer to sell or a solicitation of an offer to buy securities.
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